FAIR PRACTICE CODE

This has reference to RBI Circular No RRBI/2015-16/16 DNBR (PD) CC.No.054/03.10.119/2015-16 dated July 01, 2015,wherein the Reserve Bank of India (RBI) has revised the guidelines on Fair Practices Code for NBFCs to implement the same.

The Fair Practices Code, as mentioned herein below, is in conformity with these Guidelines on Fair Practices Code for NBFCs as contained in the aforesaid RBI Circular. This sets minimum Fair Practice standards for the Company to follow when dealing with customers. It provides information to customers and explains how the Company is expected to deal with them on a day to day basis.

This policy applies to all customers including those with any complaints / enquiries as posted on social / any other media and we encourage all customers to reach out to the below platforms as required.

Objective of the Code

The code has been developed with an objective of:

Applications for Loans and their processing

Loan appraisal and terms/ conditions

DLFL shall convey in writing to the Borrower as understood by the borrower by way of a sanction letter or otherwise, the amount of limit sanctioned along with all the terms and conditions including annualized rate of discount/ interest and method of application thereof and keep the acceptance of these terms and conditions by the borrower on DLFL’s record. Any clause relating to penal interest charged for late repayment will be specified in bold in the Loan Agreement. DLFL at the time of sanction / disbursements of loans will furnish a copy of loan agreement to the borrower.

Disbursement of loans including changes in terms and conditions

  • General
  • Grievance Redressal Mechanism

    In the present competitive scenario, excellent customer service is an important tool for sustained business growth. Customer complaints are part of the business life in any corporate entity.

    At DLFL, customer service and satisfaction are our prime focus. We believe that providing prompt and efficient service is essential not only to attract new customers, but also to retain existing ones. DLFL has come up with a lot of initiatives that are oriented towards providing a better customer experience and an efficient complaints redressal mechanism with a view to providing enhanced experience to our customers.

    To redress their grievances, applicants / borrowers may write to the designated senior official at the address below, clearly stating the nature of their grievance along with necessary documents, if any. A copy of the same will be returned to the borrower with dated acknowledgement.

    By letter:
    To,
    Muralidharan Pillai (Officer in charge)
    Devki Leasing & Finance Limited
    Velocity Multiplex, 18-A, Scheme No. 94C,
    Ring Road, Indore (M.P.) 452010
    Ph: 0731-4735500
    dlflindore@gmail.com

    If the complaint / dispute is not redressed within a period of one month, the customer may appeal to the Officer-in-Charge of the Regional Office of Department of Non-Banking Supervision (DNBS), Reserve Bank of India, P.B. No. 32, Hoshangabad Road, Bhopal 462011, under whose jurisdiction the registered office of the Company falls.

    Regulation of Excessive Interest charged

    The Company has laid down appropriate internal principles and procedures in determining interest rates and processing and other charges.

    The Company has adopted an interest rate model taking into account cost of funds, margin and risk premium for determining rate of interest to be charged for loans and advances.

    The rate of interest to be charged depends much upon the gradation of the risk of borrower viz. the financial strength, business, regulatory environment affecting the business, competition, past history of the borrower etc.

    The rate of interest will be annualised so that the borrower is aware of the exact rates that would be charged to the account.